The capital shortfall at the Co-operative Bank is estimated to be somewhere between £1–1.8 billion. This debt has been downgraded by Moody’s to junk status. The Co-op is going to have to sell assets in order to pay it off.
Here’s the news for Funeralworld. Today’s Daily Telegraph speculates as follows:
Further asset disposals are under review. The bank has already announced the sale of its life insurance business and the parent Co-op Group may be asked to sanction the disposal of other assets that range from funeral parlours to farmland.
Things could get interesting.